Originally Posted by fastball
If I remember the way it works on the Cobalt SS, you can hold the gas to the floor in every gear without letting up to shift. When you stomp the clutch, it holds the revs right where they are when you stomp the clutch for a second or two while you shift.
Without it, you'd either bounce the rev limiter, or as 1973z-man said, carry your crankshaft as you walk home.
I just finished reading the new car and driver. This is exactly how they described the "no lift shift" feature. As for the launch control on the manual... "The engine computer limits revs and fiesses the throttle for traction after the clutch dump."